PayPal, a payment giant, declared the launch of the PayPal USD (PYUSD) stablecoin on the Solana blockchain, which is well-liked by memecoin issuers. PayPal introduced PYUSD, a dollar-pegged cy, on the Ethereum blockchain in August and then included it in its peer-to-peer Venmo payments service in September.
The launch could boost interest in PYUSD, a moderately sized cryptocy with a well-known brand but limited uptake. PYUSD, which Paxos Trust Company issues, has only 8,600 holders on Ethereum and a market cap of under $400 million, lagging behind Circle and Tether.
Jose Fernandez da Ponte, senior vice president of PayPal’s blockchain, cryptocy, and digital cy group in San Jose, California, claims that Solana’s quickness and inexpensive transaction costs are what drove the corporation to the blockchain.
He added, “Ethereum works well enough. But if you’re interested in retail payments as we are, basically you need at least 1000 transactions per second, and you need transaction costs in the pennies, not in the dollars.”
PYUSD has new abilities on Solana that weren’t attainable on Ethereum, in addition to cost and speed. For example, it enables businesses to make their transfers a little more private by using this chain’s “Token Extensions” specifications. It is one of the few programmable and compliance powers available to PYUSD.
Fernandez da Ponte also stated that they could achieve the goal of providing a stable digital cy for payments and business by putting PYUSD on the Solana Blockchain.
U.S. Senator Chris Murphy (D-Conn.) is calling for legislation to ban prediction markets that allow traders to bet…
The U.S. Internal Revenue Service (IRS) has proposed a new rule that would allow cryptocy brokers to deliver…
Global fintech powerhouse Revolut has filed an application for a U.S. banking license, a move that would allow…
A man accused of stealing tens of millions of dollars in cryptocy from U.S. government…
Intercontinental Exchange (ICE) — the parent company of the New York Stock Exchange — has taken a strategic…
A new study from the Bitcoin Policy Institute (BPI) found that leading artificial intelligence models overwhelmingly favor Bitcoin…